The Fanjul family’s Florida Crystals purchased 1,626 acres of agricultural land in western Palm Beach County.
The West Palm Beach-primarily based sugar cane giant paid out $15.7 million for the swath of land that’s east of U.S. Freeway 27 in unincorporated Palm Beach County, near South Bay, in accordance to documents and true estate databases Vizzda. An entity tied to The King Realty Company, led by Kristopher Reetz, marketed the residence.
The offer breaks down to $9,700 per acre.
Florida Crystals, one of the major sugar producers in the U.S., has wide sugar farmland holdings south of Lake Okeechobee. That has been at the coronary heart of yearslong rivalry, as environmentalists argue some of Florida Crystals and other sugar cane companies’ land is necessary to allow lakeflow southward and lower discharges to the east and west of the point out. The discharges have been cited as the lead to of algal blooms in earlier yrs.
Florida Crystals did not promptly return a request for remark on its plans for the acreage it purchased. The seller declined to remark.
The Fanjul family’s late patriarch, Alfonso Fanjul Sr., began a conglomerate of cane sugar refineries and mills in Cuba. Immediately after going to the U.S. adhering to the 1959 revolution in Cuba, he started acquiring up land in Palm Seashore County. The business now is operate by his sons Alfonso “Alfy” Fanjul Jr., José “Pepe” Fanjul and Andres Fanjul.
The Fanjuls also have a true estate business. FCI Residential, based in Coral Gables, has a portfolio of about 4,500 household models in South Florida, in accordance to its web-site. FCI’s initiatives include things like a 245-device condominium complicated at 11055 West 36th Avenue in Hialeah, and a 648-device apartment intricate off Flamingo Street in Miramar.
Some builders have homed in on agricultural land in Palm Beach front County with plans for new building. At the Agricultura Reserve, a 22,000-acre swath west of Boca Raton, BB Dwelling strategies a 314-device condominium elaborate at 11275 Acme Dairy Road in an unincorporated place of the county.
